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A new report by the Government Accountability Institute finds that JP Morgan has made at least $560,492,596 since 2004 processing the Electronic Benefits Transfer (EBT) cards of 18 of the 24 states it has under contract for the food stamp program.
Indeed, JP Morgan’s Christopher Paton told Bloomberg News that food stamps are big business for the big bank:
“We are the largest processor of food stamps in the country…[the EBT program] is a very important business to JP Morgan. It’s an important business in terms of its size and scale…. Right now volumes have gone through the roof in the past couple of years or so. The good news from JP Morgan’s perspective is the infrastructure that we built has been able to cope with that increase in volume.”
While some may be glad that a private company—not a government agency—is tasked with EBT transactions, the GAI report reveals that JP Morgan does not use the same fraud detection systems commonly used by today’s credit card companies. In fact, federal and state agencies—not EBT processors—are the ones tasked with policing food stamp fraud. ..................
Originally posted by Kali74
reply to post by neo96
Well this is what happens when Capitalism gets to run around completely unchecked... Corporations get completely out of control. They're like kids in a candy factory, they're never going to stop of their free will no matter how much destruction results of their sugar high... it's our job to say no.